Southside Bancshares (NYSE:SBSI) Issues Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Southside Bancshares (NYSE:SBSI) released its earnings results on Thursday. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.86 by $0.04, Zacks reports. Southside Bancshares had a return on equity of 10.81% and a net margin of 15.85%.The firm had revenue of $71.34 million during the quarter, compared to analyst estimates of $75.00 million.

Southside Bancshares Stock Down 0.2%

Shares of SBSI traded down $0.09 during midday trading on Friday, reaching $34.01. 105,723 shares of the company were exchanged, compared to its average volume of 113,725. Southside Bancshares has a 1-year low of $26.32 and a 1-year high of $36.20. The stock has a 50-day moving average price of $33.83 and a 200-day moving average price of $32.70. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.66. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 14.41 and a beta of 0.58.

Southside Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Monday, May 18th. Southside Bancshares’s payout ratio is currently 61.02%.

Institutional Trading of Southside Bancshares

Hedge funds have recently made changes to their positions in the company. Millennium Management LLC lifted its position in shares of Southside Bancshares by 388.2% during the third quarter. Millennium Management LLC now owns 251,429 shares of the company’s stock worth $7,103,000 after purchasing an additional 199,930 shares during the last quarter. Jane Street Group LLC bought a new stake in Southside Bancshares in the first quarter valued at about $1,520,000. Mackenzie Financial Corp acquired a new stake in Southside Bancshares during the third quarter valued at approximately $1,339,000. Invesco Ltd. raised its stake in Southside Bancshares by 16.9% during the second quarter. Invesco Ltd. now owns 290,213 shares of the company’s stock valued at $8,541,000 after buying an additional 42,057 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Southside Bancshares by 10.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 405,877 shares of the company’s stock valued at $12,335,000 after buying an additional 37,253 shares in the last quarter. Hedge funds and other institutional investors own 55.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SBSI has been the subject of several research reports. Weiss Ratings raised shares of Southside Bancshares from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Piper Sandler initiated coverage on Southside Bancshares in a research note on Wednesday, April 15th. They set a “neutral” rating and a $35.00 price target for the company. Finally, Benchmark started coverage on Southside Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating on the stock. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $35.00.

Southside Bancshares Company Profile

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.